Carbonite Inc (NASDAQ:CARB) SVP Paul S. Mellinger sold 550 shares of the stock in a transaction on Thursday, August 30th. The stock was sold at an average price of $41.60, for a total value of $22,880.00. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is available at the SEC website.
Carbonite stock traded up $0.60 during trading hours on Friday, hitting $43.40. The stock had a trading volume of 4,123 shares, compared to its average volume of 334,401. The company has a debt-to-equity ratio of 2.85, a quick ratio of 0.73 and a current ratio of 0.73. The firm has a market capitalization of $1.44 billion, a price-to-earnings ratio of 86.90 and a beta of 0.50. Carbonite Inc has a 1-year low of $19.00 and a 1-year high of $43.30.
Carbonite (NASDAQ:CARB) last posted its earnings results on Thursday, August 2nd. The technology company reported $0.45 earnings per share for the quarter, beating the Thomson Reuters’ consensus estimate of $0.30 by $0.15. The company had revenue of $77.70 million for the quarter, compared to analyst estimates of $78.89 million. Carbonite had a return on equity of 46.67% and a net margin of 0.39%. Carbonite’s revenue was up 31.7% compared to the same quarter last year. During the same quarter in the prior year, the company earned $0.15 earnings per share. sell-side analysts forecast that Carbonite Inc will post 1.05 EPS for the current fiscal year.
CARB has been the subject of several research analyst reports. BidaskClub upgraded Carbonite from a “hold” rating to a “buy” rating in a research report on Saturday, July 7th. ValuEngine cut Carbonite from a “strong-buy” rating to a “buy” rating in a research report on Monday, July 2nd. Zacks Investment Research upgraded Carbonite from a “hold” rating to a “buy” rating and set a $39.00 price objective for the company in a research report on Thursday, May 10th. Stifel Nicolaus initiated coverage on Carbonite in a research report on Monday, August 20th. They issued a “buy” rating and a $44.00 price objective for the company. Finally, TheStreet upgraded Carbonite from a “d+” rating to a “c” rating in a research report on Friday, August 3rd. One analyst has rated the stock with a sell rating, two have issued a hold rating and nine have assigned a buy rating to the stock. Carbonite currently has an average rating of “Buy” and a consensus target price of $38.20.
A number of institutional investors have recently bought and sold shares of CARB. ETF Managers Group LLC acquired a new stake in Carbonite in the first quarter valued at $52,523,000. Millennium Management LLC acquired a new stake in Carbonite in the first quarter valued at $5,825,000. Intrinsic Edge Capital Management LLC acquired a new stake in Carbonite in the second quarter valued at $6,746,000. Carillon Tower Advisers Inc. acquired a new stake in Carbonite in the first quarter valued at $5,325,000. Finally, BlackRock Inc. grew its holdings in Carbonite by 10.9% in the second quarter. BlackRock Inc. now owns 1,820,014 shares of the technology company’s stock valued at $63,521,000 after purchasing an additional 179,098 shares during the last quarter. 85.06% of the stock is currently owned by institutional investors.
Carbonite Company Profile
Carbonite, Inc, together with its subsidiaries, provides backup, disaster recovery, high availability, and workload migration technology solutions in the United States. Its solutions include Carbonite Safe that offers annual and multi-year cloud backup plans for individuals or businesses; and Carbonite Endpoint Protection that protects the data, which resides on an organization's computers, laptops, tablets, and smartphones.
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